WALL STREET
One night last week, Columnist Walter Winchell, who writes for Hearst and sells lotions on the side, panted over the radio: "Insiders in New York expect a very sharp decline in the stockmarket before the holidays, suckers." Next day impressionable "suckers" rushed to dump their holdings. Result: the worst market break in two years. In the unreasoning selling, nearly every stock on the Big Board slumped. By day's end the Dow-Jones industrial averages had dropped 3.4 points to 190.4.
In the following days there was little improvement. As stocks drifted in the holiday doldrums, Wall Streeters wondered if Winchell had not...
To continue reading:
or
Log-In
